Summary:
On October 19, 2016, GOAA adopted a resolution (the "Revolving Credit Resolution") which (A) approved an amendment to a revolving credit agreement relating to the $100,000,000 Greater Orlando Aviation Authority Series 2015 (PNC) Revolving Credit Note (AMT) (PNC Bank) and the $100,000,000 Taxable Series 2015 (PNC) Revolving Credit Note (PNC Bank) (collectively, the "Series 2015 (PNC) Revolving Credit Notes") extending the maturity date from November 6, 2016 to November 6, 2017, and modifying the interest rates therein, (B) delegated the authority to the Chairman, Vice-Chairman or other Authorized Officer of GOAA to execute certain documents, and (C) provided for approval of other related documents and various other details with respect to the foregoing.
Chapter 16, Section 10 of the City Charter of the City and the Airport Facilities Bond Resolution require City Council approval of the above-described modifications to the Series 2015 (PNC) Revolving Credit Notes. |